Warren Buffett：Berkshire 1978 Letter, Excerpt 4

In contrast to this cautious view about near term return from operations, we are optimistic about prospects for long term return from major equity investments held by our insurance companies. We make no attempt to predict how security markets will behave; successfully forecasting short term stock price movements is something we think neither we nor anyone else can do. In the longer run, however, we feel that many of our major equity holdings are going to be worth considerably more money than we paid, and that investment gains will add significantly to the operating returns of the insurance group.

Source： https://www.berkshirehathaway.com/letters/1978.html
Locator：1978 Chairman's Letter, excerpt 4 · Verified：2026-10-19 · Verification：Short excerpt

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